Advance Auto profit up as repair chain acquisition boosts sales

Thu May 15, 2014 9:15am EDT

May 15 (Reuters) - Auto parts retailer Advance Auto Parts Inc reported a 21 percent rise in quarterly profit, helped by the acquisition of the biggest operator of the Carquest chain of auto repair shops and car parts stores.

Advance Auto completed the acquisition of General Parts International Inc in January, making the company the largest auto parts retailer by sales in the United States.

Advance Auto's net income as reported rose to $147.7 million, or $2.01 per share, in the first quarter ended April 19 from $121.8 million, or $1.65 per share, a year earlier.

Revenue rose 47 percent to $2.97 billion. Same store sales rose 2.4 percent. (Reporting by Rohit T. K. in Bangalore; Editing by Savio D'Souza)

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